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Citi Chief U.S. Equity Strategist Tobias Levkovich notes that nearly every investor he’s spoken to in recent days is quick to want to buy stocks at the first sign of a sell-off. He points out that investors aren’t as willing to pay premiums for put options versus calls and fewer deem it necessary to pay up for insurance. “Pretty much every client we talk to wants to buy the dip, and that is not comforting,” Levkovich wrote. “It implies that people are very long the market and are willing to let share prices to go higher.” He added: “We remind clients about euphoric mindsets and how sentiment can drive valuation … Additionally, we judge that earnings matter most, and it is hard to imagine that all of the coronavirus effects are built in at this juncture.” â Franck